So when it comes to managing your HOA, should you handle everything on your own or hire a professional property management company?
At Lower My HOA, we want to help you understand the differences and benefits of working with a professional HOA management company and the reasons for handling your HOA on your own so that you can make the right decision for your HOA.
Reasons For Handling Your HOA On Your Own
Taking charge of your Homeowners Association (HOA) management can be a rewarding and cost-effective decision. When you choose to handle your HOA independently, you take control of your community’s well-being and foster a sense of unity among neighbors.
Being directly involved in the decision-making process for the upkeep and enhancement of common areas and facilities allow for improved transparency and communication among residents.
Additionally, self-management can lead to substantial cost savings, as eliminating a third-party management company minimizes overhead expenses. This can ultimately result in lower assessments and dues for homeowners.
Other reasons are:
- An HOA board member can handle most administrative duties, such as collecting and depositing dues, managing records, communicating with members, and scheduling meetings. This leaves less need for an external property management company to assist.
- Property management companies often cost a percentage of the association’s annual budget and can amount to substantial sums that could be put toward other expenses. Without their services, the resources can be used to maintain common areas or make necessary repairs in the community.
- Since most Homeowner Associations are volunteer-run organizations, they benefit from having direct access to decision-makers and having the ability to quickly solve problems without involving a third party with its own interests at heart.
- Modern technologies give HOAs more power over day-to-day operations, enabling them to automate processes such as payments and record keeping, eliminating the need for a property management company.
- HOAs have more control when decisions are made by their elected board members as opposed to outside contractors who may not be familiar with local regulations or the specific needs of their neighborhood.
By proactively addressing community concerns and effectively managing your HOA independently, you can create a harmonious living environment and develop lasting relationships with your fellow homeowners.
Benefits of Working with a Professional HOA Management Company
There are several benefits to hiring a professional property management company for your Homeowners Association. Some of these benefits are:
- A quality property management company can provide expertise in areas such as financial planning, budgeting, and operations.
- These professionals can also advise on how best to manage the HOA’s legal issues, such as addressing violations. They will also guide how to manage disputes between homeowners best and help keep members informed about their rights and responsibilities.
- A quality property manager will help ensure that homeowners follow the rules set by the HOA and that their assessments are paid on time.
- An experienced property manager will have the knowledge and resources necessary to handle any challenges in running your community’s day-to-day operations, leaving HOA board members with more time to focus on more important tasks such as long-term planning and strategic decision-making.
- They will be qualified to handle any maintenance or repair requests from homeowners.
A professional property management company can provide invaluable insight into how best to run your association efficiently while still complying with state/local law requirements – something that might be difficult if attempting self-management alone.
Ultimately, whatever decision you make should be based on what’s best for your association’s short-term and long-term interests – so weigh out all available options carefully before making any final decisions!